The European Commission gave Abbott the go ahead to buy Solvay's pharmaceutical business for $6.6 billion, with certain sales conditions. Because of concerns about competition, Abbott will be required to divest Solvay's cystic fibrosis testing business.

Abbott announced its intention to buy Solvay's pharma business unit in September - a move the company said would help expand its geographical footprint and its product pipeline. The buyout opens doors for Abbott in the emerging markets of Eastern Europe and Asia, as well as access to new areas, such as hormone therapies and vaccines.